Artificial intelligence has started making its way into Banking & Finance, Marketing and other sectors and reshaping the way businesses are functioning. With internet facility for common mass rapidly becoming available and the speed of internet going from 4G to 5G, the impact of AI technology in these areas are taking this sector to a different level.
Stock trading- While dealing with stock trading, it requires the processing of a complex set of data and information. Traditionally in stock trading, traders and analysts develop a deep knowledge of the industry to understand and benefit from news and events. Now with AI technology, firms use experts to find that unique data and incorporate it into the prediction machine.AI will use its complex algorithm to compute this information and use its NLP capability to advice its customer for the right kind of stocks.
Banks and Financial Institutions-Every day volumes of banking transactions are taking place, for instance, users are paying bills, moving money between accounts, making deposits, purchasing commodities through an online bank account, trading stocks and so on. This entails the need for better cybersecurity in terms of fraud detection, unauthorized use of bank accounts by fraudulent users, detecting miss use of electronic devices like cellphone devices, laptops, etc. as an increasing number of people are using electronic devices for banking activities. Artificial intelligence is playing an important role in improving the security of online activities. Companies have started providing AI-based cybersecurity solutions for some of the major financial institutions. AI technologies are being used by credit card agencies, for issuing credit cards, to grant loans to applicants by analyzing the financial history of these applicants
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Marketing- Marketing companies are using AI to study the purchasing behavior, pattern habit of the customers from the historical data collected from a variety of sources and accordingly rolling out products in the market, flashing messages on cell phone devices to attract customer attention in the area of their interests.
AI is re-defining the way industries and businesses have been functioning.